ICAI has advised the Students, Members and other stakeholders to not to get misled by baseless contentions being raised in few video clips, relating to shortcomings in examination/ evaluation system, which are being circulated in Social Media Circles (WhatsApp, YouTube, etc.), over last 2-3 days.

AS-28 of ICAI on "Impairment of Assets" prescribes procedures for recognising the impairment loss, i.e. assets not to be stated at value above the amount recoverable through use or sale of the asset. This Standard also specifies disclosure requirements and when to reverse the impairment. Download PDF Copy of AS-28.

AS-27 of ICAI on "Financial Reporting of Interests in Joint Ventures" prescribes the principles and procedures for accounting of interests in joint ventures and reporting of joint venture assets, liabilities, income and expenses in the financial statements of venturers and investors. Download PDF Copy of AS-27.

AS-26 of ICAI on "Intangible Assets" prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Accounting Standard. The Standard also specifies the ways to measure the carrying amount and disclosure requirements. Download PDF Copy of AS-26.